Disruptions are inevitable and can be incredibly harmful to not only the family, but the business as well. BanyanGlobal’s Managing Partner, Rob Lachenauer, shares stories of how some families have navigated disruptions, as well as the three most important steps for surviving disruptions.
Stabilizing After a Disruption (Audio Only)
- Prepare for disruptions. It is essential to the longevity and sustainability of the business and the business family to prepare in advance for the four common disruptions.
- What you feel is normal. But it may be amplified in family businesses. It’s normal to encounter a range of emotions when dealing with a disruption to your family –sometimes positive, sometimes negative, sometimes a mix. You have to acknowledge them before you can begin to move forward.
- Want to move forward? Do the work. We have found that often the best way to navigate a disruption to a family is to work together to get through it, both as a family and a business. Disruptions can be uncomfortable to discuss, but working through the issue, as a family, is key to having an enduring and successful business and family.
[1:37] Death in the family story and advice
[3:26] New entrants story and advice
[6:21] Inequality story and advice
[9:06] Behavioral health issues story and advice
[10:16] Lachenauer’s 3–step process to help stabilize after a disruption to the family business